Formance vs Malga
Side-by-side comparison of AI visibility scores, market position, and capabilities
Paris open-source fintech infrastructure with programmable ledger and payment orchestration at 10x revenue growth; YC $21M PayPal Ventures/Portage Series A serving Doctolib and Liberis competing with Modern Treasury for fintech ledger-as-a-service.
About
Formance is a Paris, France-based open-source financial infrastructure company — backed by Y Combinator with $21 million raised in a Series A in January 2025 co-led by PayPal Ventures and Portage Ventures after 10x revenue growth, with prior investment from Hoxton Ventures and Axeleo Capital — providing fintech companies, vertical SaaS platforms, and financial institutions with programmable open-source ledger infrastructure (Formance Ledger), payment orchestration (Formance Payments), and transaction reconciliation automation, positioning as the "AWS for fintech infrastructure" with a developer-friendly platform that removes the need to build custom financial data management systems from scratch. Founded in 2021 and serving customers including Doctolib, Liberis, Booksy, and Btech, Formance is growing from 20 to 50 employees by end of 2025 and opening a New York office.
São Paulo payment orchestration connecting 25+ Brazilian providers through single API; YC $10.3M with R$7B processed after acquiring Drip for Pix Parcelado competing for Brazilian digital payment infrastructure.
About
Malga is a São Paulo-based payment orchestration platform — backed by Y Combinator with $10.3 million raised including a $5.55 million Series A led by CV iDEXO and Costanoa in February 2025 — enabling Brazilian digital businesses to access 25+ payment providers (Adyen, Stripe, Stone, Cielo, PagSeguro, Pix rails) through a single API integration, with transaction-level intelligent routing and automatic failover that switches providers without code changes. Founded in 2020 and having processed R$7 billion since inception, Malga serves e-commerce platforms, fintechs, and marketplaces and in December 2024 acquired Drip, a Pix Parcelado (installment payments via Pix) provider.
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